Atal Pension Yojna

What is Atal Pension Yojna(APY)?

Atal Pension Yojna is a pension scheme launched by Government of India on May 9, 2015 under the aegis of National Pension System(NPS). The focus of this scheme is on workers in the unorganised sector. You can suggest this scheme to your maid, driver or those daily wage earners who want to save small amount of money to get a minimum pension by the time they turn 60.

Eligibility criteria for Atal Pension Yojna

  • The age of the subscriber should be between 18-40 years
  • He/she should have a savings bank account or post office savings bank account
  • The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

Benefits of the scheme

  • Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the scheme before 31st March, 2016 and who are not members of any statutory social security scheme and who are not income tax payers.
  • You can get a fixed pension ranging from Rs.1000 to a maximum of Rs. 5000/month by investing through this scheme.
  • Tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1B) Of Income Tax Act 1961.

Exit from the scheme and Pension Payment

  •  Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.
  • Exit before 60 years of age is generally not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

As on 28th June 2016, nearly 30 lacs subscribers have joined Atal Pension Yojna and their total contributions are Rs. 748 crore. It’s our duty to create awareness of this scheme for the benefit of economically weaker sections of the society.

The purpose of Atal Pension Yojna of Modi Government was to help the workers of unorganised sector. Similarly StartUp India was a initiative launched in January 2016 with the purpose of fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. The objective is that India must become a nation of job creators instead of being a nation of job seekers.

Entrepreneurs have been demanding for a long time for improving upon the ease of doing business in India. Startup India is a great initiative in this direction. Some of the incentives for new ventures which would boost wealth creation and employment generation are:

  • Self Certification Compliance
  • No inspection for first three years
  • No income tax on profits for first three years
  • Mobile app for start-up registration in one day
  • Exemption from capital gains tax on personal property sold to invest in start up
  • 80% rebate on patent filing fee
  • Bankruptcy Bill 2015 – 90 days to exit business
  • Dedicated fund of Rs. 10000 crores to promote start ups
  • Credit guarantee scheme for loans

In addition to the incentives listed above, there are lot of others initiatives and facilities which will nurture innovation, creativity and courage in our budding entrepreneurs to give shape to lot of new business ideas. You can get further details of the same from www.startupindia.gov.in. Shailendra Singh, Joint Secretary, DIPP said that the Startup portal has received huge response within one month and over 200 people have come up for registration of their start ups.You can also get in touch with StartupIndia Hub for all your Startup related queries at Toll Free Number 1800115565 & Email ID: dipp-startups@nic.in. Over 4500 calls have already been answered by the Startup India Hub since its launch on April 1, 2016.

Let’s hope Startup India initiative brings out the entrepreneurial talent of the younger generation of this country and gives a positive boost to the overall growth of Indian economy in the years to come.

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